https://www.taxtmi.com/caselaws?id=796686 Cash payments towards credit-card dues used for trading purchases were treated as connected to business transactions, not wholly unexplained money. As the cards were not shown to have funded capital acquisitions or personal expenditure, taxing the full payments would tax gross receipts rather than real income. Under the presumptive-taxation scheme, the disclosed profit rate was accepted as fairly representing business profitability in the absence of contrary Revenue material. Accordingly, only the profit element in the cash payments could be added, while the balance was to be deleted. en-us Tue, 04 Aug 2026 00:00:00 +0530 Sat, 08 Aug 2026 08:32:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796686 Cash payments towards credit-card dues used for trading purchases were treated as connected to business transactions, not wholly unexplained money. As the cards were not shown to have funded capital acquisitions or personal expenditure, taxing the full payments would tax gross receipts rather than real income. Under the presumptive-taxation scheme, the disclosed profit rate was accepted as fairly representing business profitability in the absence of contrary Revenue material. Accordingly, only the profit element in the cash payments could be added, while the balance was to be deleted. Case-Laws Income Tax Tue, 04 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796686